London recycling firm receives £4m funding to support development

A London recycling services company has announced that it has received £4m of funding to support a refinance and working capital package.

First Mile Ltd, which provides pay-as-you-go waste and recycling services to UK businesses, has received the funding from alternative finance provider for SMEs, ThinCats.

Development plans include the collection & recycling of specialist waste such as computers, data destruction, batteries and fashion, a service that has become increasingly relevant with the massively increased proportion of the workforce now working from home.

Clearwater International’s debt advisory team were the advisers to First Mile, and approached ThinCats for funding to support a refinance and working capital package, alongside longer-term plans to expand the existing provision.

Bruce Batley, CEO, First Mile: “Whilst 2020 has been a tough year for businesses across the UK, responsible waste management remains a high priority and we feel that the service we provide is ever more critical.

“We are looking forward to being able to offer our clients an increasingly complete sustainability package, and the ThinCats funding will enable us to take our business to the next level.”

Dave Sherrington, regional head of sales, London, ThinCats: “First Mile offers a service that is important to thousands of businesses, and this funding not only streamlines their finances, but also puts them in a great position to increase the services that they offer, making it even easier for businesses to be able to dispose of their waste in a responsible and environmentally friendly way.

“We are looking forward to watching their plans come to fruition.”

Chris Smith, partner at Clearwater International, added: “First Mile are clear market leaders, which is demonstrated by their recent investment to develop their services further in the future.

“ThinCats’ funding expertise will give the business the support it needs to continue on its growth trajectory, and we’d like to wish both businesses all the best.”

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